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JPMorgan Chase is responding to four of its shareholders’ requests for climate change at the Securities and Exchange Commission, although the US government has developed a new policy against anti-money laundering efforts.
The great lender for oil companies, JPMorgan has faced increasing pressure from investors in the face of climate change risks in recent years.
Tulipshare, a London-based investment platform, has recently criticized the US bank for asking the SEC to reject a fintech proposal to stop the bank from investing, registering and lending to oil companies.
JPMorgan was trying to “restrain investors in the face of climate change”, said Tulipshare.
Two other shared complaints ask JPMorgan to report new weather conditions: one is asking for more information about the weather, from the Boston Trust, and the other is seeking details of what they want to reduce emissions, by the environmental group, the Sierra Club Foundation.
The third idea, provided by a American Sisters of Mercy, is asking JPMorgan to implement a plan this year to help ensure its funding does not contribute to the use of fossil fuels in violation of the International Energy Agency.
The bank has rejected the request because of concerns about “normal business” activities.
SEC rules allow companies to restrict other sharing ideas, such as those they consider to be able to influence business decisions. Companies always ask permission from the agency to ban the idea.
But last year the SEC he said that stopping climate change perceptions will be even more difficult in 2022. The change in regulators gave power to those who want companies to address the concerns of climate change.
Twelve environmental considerations submitted to U.S. companies found greater support in the 2021 polls, according to law firm Sullivan & Cromwell.
ExxonMobil succumbed to Investor pressure and added three new members after the activist hedge fund. Engine No 1 doubted the weather threat to the oil chief.
Former ExxonMobil CEO Lee Raymond was also a long-time member of the JPMorgan board until he retired at the end of 2020 after being pressured by his colleagues. At the annual bank meeting that year, less than 50 percent of the savings voted he wants JPMorgan develops a climate plan in line with the Paris agreement for global warming.
SEC decisions on JPMorgan share ideas are expected in the coming weeks. A bank from New York did not announce the date of their 2022 annual meeting.
Climate Capital
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